By Razvan Cimpean
Dallas continues to be one of the most active multifamily markets in the country, thanks primarily to its business-friendly climate. As the metro keeps attracting important office tenants looking for less expensive alternatives to San Francisco or New York, demand for rental apartments is on the rise. Dallas leads the U.S. metros in units under development. Last year, a record 17,000 units came online in Dallas and the number of deliveries is expected to go up in 2018.
10. The Alexan
Owned by a joint venture of Greystar, APG Asset Management, GIC and Ivanhoe Cambridge, The Alexan is a 365-unit community completed in March and located at 3333 Harry Hines Blvd. in Dallas. The two-building property offers studios and a mix of one-, two-bedroom apartments as well as two penthouses. The community is situated roughly one mile from Interstate 35E and within walking distance of multiple public transportation options. The joint venture acquired the multifamily property from Trammell Crow Residential in September as part of a $4.4 billion portfolio sale.
9. Jefferson Riverside
TDI Real Estate had a busy 2017, completing one of the largest Boston communities, Paddock Estates at Boxborough. In Dallas, the Irving-based company delivered two multifamily properties totaling almost 800 units. Jefferson Riverside, completed last October, is a 371-apartment community consisting of one- and two-bedroom units. Located at 655 Promenade Parkway in Irving, the property features a fitness center, clubhouse, swimming pool and 500 parking spaces. The owner financed the development with a $38.1 million construction loan from Fifth Third Bank.
8. Echelon at the Summit
Carleton Residential Properties completed the 373-unit Echelon at the Summit at the end of September. The community, located at 3033 Ohio Drive in Frisco, consists of one- and two-bedroom apartments ranging from 568 to 1,215 square feet. Rents start at a monthly $1,071 and go up to $2,238 as of January, when the property was about 50 percent occupied. Carleton selected Lincoln Property Co. to be in charge of managing duties. In 2016, Carleton also completed Villaggio, a 273-unit Pinnacle-managed Mansfield community.
7. Dolce Living Twin Creeks
Completed by DLC Residential in December, Dolce Living Twin Creeks is a 374-apartment property located at 659 Junction Drive in Allen. The community is comprised of one-, two- and three-bedroom apartments ranging from 775 to 1,439 square feet. Community amenities include a fitness center, business center, clubhouse, swimming pool and 650 parking spaces. The multifamily property is situated next to Twin Creeks Village shopping center and nearly one mile from Sam Johnson Highway. Pace Realty serves as the property manager of Dolce Living Twin Creeks.
6. The Lucas
Coming in at No. 6 is The Lucas, Trinsic Residential Group’s 387-unit community located at 2924 Lucas Drive in Dallas and completed in March. The property consists of one- and two-bedroom units ranging from 634 to 1,298 square feet. Community amenities include a clubhouse, business center, fitness center, two swimming pools and covered parking. The multifamily property is situated next to Dallas North Tollway and offers convenient access to multiple schools, including Mi Escuelita Preschool, Sam Houston Elementary School and North Dallas High School. Greystar is the property manager of The Lucas.
5. The Brickyard Apartments & Townhomes
Billingsley Co. owns and manages the 400-unit The Brickyard Apartments & Townhomes, located at 2061 Wittington Place in Farmers Branch. The community includes one- and two-bedroom units ranging from 584 to 1,324 square feet. Rents at the recently completed multifamily property start at $1,112 and go as high as $1,947. Community amenities include a swimming pool, fitness center, clubhouse and more than 650 parking spaces. Billingsley Co. is currently working on The Hudson, one of the largest Dallas communities under development. The 28-building project is scheduled for completion in July.
4. The Mansions McKinney
Last year, W3 completed two communities totaling 819 apartments. In McKinney, the Colleyville-based company developed a 403-unit property located at 6600 McKinney Ranch Parkway. The Mansions McKinney consists of one- and two-bedroom apartments ranging from 658 to 1,036 square feet. Community amenities include a fitness center, business center, clubhouse, two swimming pools and two spas.
3. The Luxe 3Eighty
Last year, W3 also completed the 416-apartment The Luxe 3Eighty, located at 26493 E. University Drive in Aubrey. The 13-building property consists of one- to four-bedroom apartments ranging from 652 to 1,743 square feet. Community amenities include a playground, swimming pool, fitness center, business center and more than 400 parking spaces. The Luxe 3Eighty is situated in the vicinity of Walmart Supercenter and within a few miles of Providence Elementary School and Cross Oaks Elementary School. W3 also owns one of the largest Austin communities.
2. Jefferson Stonebriar
TDI Real Estate’s second multifamily property on this list, the 424-unit Jefferson Stonebriar is located at 9600 Gaylord Parkway in Frisco. Completed last July, the community offers one-, two- and three-bedroom apartments ranging from 678 to 1,439 square feet. Community amenities include a swimming pool, fitness center, business center and more than 600 parking spaces. Jefferson Stonebriar is situated in the vicinity of Stonebriar Centre, Preston Village Shopping Center and Preston Creek Shopping Center.
1. The Grand at Legacy West
The largest community completed last year in Dallas, the 621-unit The Grand at Legacy West, is located at 6080 Water St. in Plano. The two-building property consists of studios, one- and two-bedroom apartments ranging from 324 to 1,485 square feet. Completed last May to meet LEED Silver standards, the community includes a fitness center, laundry facilities, three swimming pools and covered parking. The Grand at Legacy West is situated within walking distance of multiple bus stations and shopping centers, including Legacy West and The Shops at Legacy.
This list highlights the metro’s top 10 communities completed in 2017, based on unit counts, according to Yardi Matrix data.
Images courtesy of Yardi Matrix